person-to-person payment

American  

[pur-suhn-tuh-pur-suhn pey-muhnt] / ˈpɜr sən təˈpɜr sən ˈpeɪ mənt /

noun

Digital Technology.

1. a transfer of funds directly from one person to another over the internet or a mobile phone network, often by means of an app. P2P

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Etymology

Origin of person-to-person payment

First recorded in 1995–2000

Example Sentences

What do I need to know about person-to-person payment platforms like Zelle and Venmo?

From New York Times • Jan. 7, 2024

Nearly 18 million Americans were defrauded through scams involving digital wallets and person-to-person payment apps in 2020, according to Javelin Strategy & Research, an industry consultant.

From New York Times • Mar. 6, 2022

Ultimately, the best person-to-person payment app depends on what you use it for — and how much you care about digital privacy.

From Seattle Times • Jul. 24, 2021

All of these interoperability issues aside, though, the person-to-person payment services still have ease-of-use challenges.

From New York Times • Feb. 24, 2012

In Canada and Europe, which have far fewer financial institutions that need to agree on standards, person-to-person payment services emerged with little hassle and have been up and running for several years.

From New York Times • Feb. 24, 2012